SOURCE: Rapid Fitness, Inc.

October 02, 2007 11:08 ET

Rapid Fitness Board Approves Spin-Off of Amore TV and Subsidiaries to Shareholders

One Share of Amore TV to Be Distributed for Every Two Shares of Rapid Fitness Stock Held

FT. LAUDERDALE, FL--(Marketwire - October 2, 2007) - Rapid Fitness, Inc. (PINKSHEETS: RPDI) today announced that its Board of Directors has approved the proposed spin-off of Rapid Fitness Inc.'s Amore TV and its subsidiaries Amore Production, Amore Talent company to its stockholders. The spin-off will result in a new public company that will be separate from Rapid Fitness and that will be called Amore TV.

The Rapid Fitness Board declared a dividend of one share of Amore TV common stock for every 2 shares of Rapid Fitness common stock held. Subject to the satisfaction of certain conditions, the distribution is expected to qualify as a tax-free distribution. The record date for distribution of shares is expected to be announced shortly.

Anthony Mellone, CEO of Rapid Fitness, Inc., stated, "The Board's actions today, in formally approving the spin-off of Amore TV and its subsidiaries, unlocks substantial value for our shareholders. Both Rapid Fitness and Amore TV are well positioned for success in their respective market sectors. This spin-off allows us to further enhance our position as a highly focused and innovative health and fitness company."

About Rapid Fitness

Rapid Fitness is a growing fitness center franchise with five locations and a growth structure that is expanding worldwide. Rapid Fitness Centers focus on its member needs in the areas of nutrition, body building, aerobic exercise and dancercise. The Company is currently developing Interactive IPFitness, which is a workout over the internet with live trainers for our viewers and members, and IPTV Fitness, which is a Multi-Language Web Portal for streaming audio and video workouts, bringing Rapid Fitness Centers to our members' homes and offices and millions of new viewers worldwide who don't have the time or choose not to go to a fitness center. For more information go to: http://www.rapidfitness.com

Safe Harbor Provision

This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Global Web TV, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition.

Contact Information

  • Contact:
    Tom Nelson
    480-326-8577